Saturday 22 Feb
The General Authority for Investment and Free Zones has called a general assembly meeting for Ajwa for Food Industries - Egypt on March 8th. The Investment Authority disclosed that the meeting will discuss dismissing the current board of directors and appointing a new one. It added that if a quorum is not met at the first meeting, a second general assembly meeting will be held on Saturday, March 15th.
Ajwa for Food Industries - Egypt's previous ordinary general assembly rejected the board of directors' report on the company's activity and business for the year ending December 2023. The assembly also rejected the auditor's report and did not approve the 2023 financial statements.
Furthermore, the assembly rejected the discharge of
liability for the board members for the year ending December 2023, and did not
approve the changes in the board's composition. Finally, they rejected the
appointment of an auditor for the 2024 fiscal year.
It is noted that Ajwa for Food Industries - Egypt saw profits rise to EGP178.5 million between January and September 2024, compared to EGP101.46 million in the same period of 2023, after accounting for minority rights. However, this profit increase occurred despite a decline in sales. Sales for the nine-month period fell to EGP1.24 billion, down from EGP1.49 billion in the corresponding period last year.
